China Equity House

In a year book-ended by heightened volatility, ANZ’s broad-based debt platform paid dividends for its clients both in Australia and beyond. ANZ handled 55 domestic Australian issues during IFR’s review period for a table-topping market share of nearly 15%, dominated the global Australian dollar market and reaffirmed its leadership in New Zealand. It won business from banks, corporate issuers, sovereigns and agencies, and added to its credentials in senior debt, covered bonds and securitisations. “While some other banks tend to specialise in...

Credit Suisse transformed its Australian equity capital markets business in 2016, boosting its market share and investing in its team to position itself as a serious competitor to the top houses. The Swiss bank’s share of equity and equity-linked underwriting in Australia and New Zealand soared from 1.9% in 2015 to 9.3% in 2016, according to Thomson Reuters data, lifting it six places on the league table into third spot by proceeds raised. In a year when equity issuance shrank dramatically, Credit Suisse increased its deal count significantly...

In a subdued and challenging market, ANZ distinguished itself with a diverse range of deals underpinned by a superior distribution network in the Asia Pacific region. In Australia, the bank led 26 transactions across property, infrastructure, industrials, resources and leverage sectors, eight of which were on a sole basis. “We had a strong year particularly in our home market of Australia and New Zealand, demonstrating a great variety of transactions,” said Christina Tonkin, ANZ’s head of loans and specialised finance. ANZ was a close third...

As the renminbi gained access to the elite club of currencies in the IMF’s basket of Special Drawing Rights and China grew its global financial clout, Bank of China was at the forefront of the currency’s internationalisation, building on its unparalleled experience in both the offshore and domestic markets. The bank established a leading position in the Panda bond market, showing its understanding of overseas clients and Chinese regulators. BOC played a key role in Poland’s Panda bond, the first sovereign issue from Central and Eastern Europe...

Standard Chartered continued to bring debut borrowers and first-time investors to the syndicated loan market in 2016, avoiding the squeeze in pricing as other lenders succumbed to a flight to quality. Instead of playing safe, StanChart focused on more complex deals and smaller borrowers, while still playing its part on the high-profile transactions. “We focused our efforts on leveraging our strong onshore/offshore platform, focusing on clients in need of solutions and transactions where Standard Chartered could add value through innovative...

Singapore-listed Global Logistic Properties raised the standard in the Panda bond market as the first foreign corporate issuer to tap onshore Chinese investors through a public offering. GLP set out an effective path for potential foreign corporate names looking to raise funds in a nascent market where many rules are yet to be made clear. The Rmb1.5bn (US$217m) dual-tranche print in mid-July broadened the Panda bond market beyond the list of overseas incorporated Chinese firms that had been the first to turn to the onshore bond market in search...

The HK$2.86bn (US$370m) listing of Chinese snack food maker Zhou Hei Ya International showed that Hong Kong IPOs can still deliver a diverse shareholder roster and perform well in early trading. Zhou Hei Ya resisted the temptation to lock away shares with cornerstone investors, and hired just three banks as bookrunners, taking a very different route to the majority of big deals during the year. It may not have been the biggest deal of the year, but it was the city’s biggest listing during the review period without a cornerstone tranche. Several...

Axis Bank’s role in developing the onshore and offshore rupee bond market made it the clear leader in a transformational year for the Indian debt capital markets. Axis opened up the offshore rupee market with roles on the first corporate Masala issues, ensuring a promising start for the new asset class, while it reacted quickly to regulatory changes to maintain its leadership at home. It was joint bookrunner on July’s groundbreaking Rs30bn (US$448m) Masala issue from Housing Development Finance Corporation, ending a long wait for the...

Citigroup cemented its leading position in the Indian loan market in 2016, sealing mandates for noteworthy event-driven deals, project financings and winning repeat business from high-profile borrowers. The US bank was especially strong in cross-border financings, leading complex deals for international investors and helping its Indian clients expand overseas. Citigroup showed its ability to solve funding challenges in some key transactions, notably in Fiat India Automobiles’ US$250m 7.6-year brownfield project financing, where the bank was the...

ICICI Securities stole a march on both local and international rivals in 2016, winning deals in every segment of the Indian equity capital market. ICICI rocketed to second in the Indian ECM league table for the period under review, up from 14th the previous year. It was one of the most active arrangers in a busy IPO market, managing 11 of the 24 major listings, beat global competitors to high-profile institutional placements and completed block trades for private and government vendors. Small and medium-sized companies trusted ICICI with...

Cikarang Listrindo’s Rp3.61trn (US$272m) Jakarta listing reopened the Indonesian market for major IPOs and gave investors exposure to a growing independent power producer with a hedge against the traditionally volatile rupiah. The IPO priced in May, at a time when concerns over China’s economic slowdown were weighing on sentiment. It was the first power producer to float on the IDX, opening the critical infrastructure sector to international institutional investors, and paved the way for other companies to follow with bigger deals. Cikarang and...

In a challenging year for Malaysia’s corporate credit market, Maybank Investment Bank made its mark with structuring and execution skills that won praise from the industry. Maybank lead managed four of the five largest non-government guaranteed deals in the ringgit market during the review period, taking top roles in two – the M$5.54bn (US$1.25bn) Islamic issue for Sarawak Hidro and the M$2.2bn subordinated perpetual sukuk for Sime Darby. It also distinguished itself as the top arranger of Islamic bonds in the ringgit market with some...